Trichet's misread monetary union

The ECB President, who calls for a 'quantum leap' the way the eurozone is governed, says outsiders misunderstand the Union and the forces that bind it together.

Does the world "get” the eurozone? Not in the opinion of Jean-Claude Trichet. True, Europe’s monetary union has appeared on the brink of collapse at times this year as the turmoil created by Greece’s spiralling public sector debt escalated into full-blown crisis. The continent’s political leaders seemed incapable initially of an effective response; talk of a break-up of the 16-country bloc gathered momentum.

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